Author Topic: Where to bank? (Read 6207 times)

SteveT · « **on:** May 30, 2011, 08:31:04 PM »

I had two bank accounts for a while. Wachovia and Bank of America. I closed my Wachovia (now Wells Fargo) account in the fall and moved everything over to BOA. HOWEVER, despite the fact that I have $50K in assets with BOA in my IRA, 2 CDs (paying crap interest) Money Market and Checking, I have been charged a $20/month fee on my checking. It seems some of my accounts don't qualify for "linking" whatever that means.

I could probably go to BOA and close/open/reopen accounts to get free checking but I don't want to. If a bank can't realize the value of a customer with the funds I have on deposit they really need to be taught a lesson. Plus my CDs are earning less than .5% interest.

Where do you guys bank and how are they?

grampster · « **Reply #1 on:** May 30, 2011, 08:39:15 PM »

Find a credit union you can join. Credit unions are much friendlier than banks.

I have a checking account at Wachovia/Wells Fargo that I opened this winter. We spend 3 months in Key West in the winter and I needed a local bank. The checking account is free and has no minimum balance. I don't use checks, though. Just got a debit/charge card for each of us.

Fly320s · « **Reply #2 on:** May 30, 2011, 08:43:01 PM »

I use USAA. If you qualify, I highly recommend them.

A good credit union is a solid second choice.

mtnbkr · « **Reply #3 on:** May 30, 2011, 09:38:29 PM »

I use BoA, only keep about $3k-$6k there at any given time (because of the crappy interest rates), and they've never charged me a fee.

I think the key is having direct deposit.

Chris

zxcvbob · « **Reply #4 on:** May 30, 2011, 09:49:12 PM »

If you don't need a full-service bank, Ally.com pays as good interest rates as a credit union. That's where most of my cash is parked.

Boomhauer · « **Reply #5 on:** May 30, 2011, 09:54:04 PM »

BOA is worthless, IMHO.

Personally, I use Suntrust (they gave me a free mid level checking account due to my employment with the state, but their basic level checking is still pretty good). Credit union or smaller banks are the way to go and they generally have better customer service. I like their online banking system (I have account alerts and a daily balance sent as a txt message to my phone).

SteveT · « **Reply #6 on:** May 30, 2011, 10:02:45 PM »

Quote from: mtnbkr on May 30, 2011, 09:38:29 PM

I use BoA, only keep about $3k-$6k there at any given time (because of the crappy interest rates), and they've never charged me a fee.

I think the key is having direct deposit.

Chris

I freelance, so direct deposit can't be. But, still should not 50K on deposit in all accounts entitle one to free checking!

It's really burning me up. This week is the end.

Stickjockey · « **Reply #7 on:** May 31, 2011, 12:25:55 AM »

Gotta put my chip in for a local credit union. Every bank I've used has been dirt compared to the service I've received at the two credit unions I've been with.

CNYCacher · « **Reply #8 on:** May 31, 2011, 02:22:21 AM »

See, you are doing it all wrong. We have two mortgages with BOA and they love the heck out of us :) No fees on anything!

Boomhauer · « **Reply #9 on:** May 31, 2011, 02:44:06 AM »

Quote

No fees on anything!

My bank doesn't have any fees either but I didn't have to go into debt to get that!

Jamisjockey · « **Reply #10 on:** May 31, 2011, 09:18:13 AM »

We switched to chase after the Tejas move, and its been great so far.
Hell, the local branches aren't even posted, and they took my CHL as a second form of ID when I opened my account.

RocketMan · « **Reply #11 on:** May 31, 2011, 04:14:34 PM »

We had Wamu for years until they transmogrified into Chase. We stuck with Chase because they promised free checking for life to former Wamu customers. But, predictably they reneged on that so we dumped them and went to a small local bank in good financial condition. They were great, and we really liked them, good service, meaningful interest rates on savings and checking accounts, etc. We left them only because they had a really clunky online banking system and no near-term plans to upgrade it.
Now we're with a local credit union. We like them for all the same reasons as the small local bank, plus they have an up-to-date online banking system.
Look for a small local bank or a local credit union.

RoadKingLarry · « **Reply #12 on:** June 01, 2011, 01:56:22 AM »

Quart Mason jars buried in the back yard. The map is tattoed on my wifes left butt cheek. She doesn't know it's there, I did it and add to it when she takes her back pain pills.

RocketMan · « **Reply #13 on:** June 01, 2011, 07:29:23 AM »

Interesting bank, RKL. What are the interest rates like?

mtnbkr · « **Reply #14 on:** June 01, 2011, 08:00:12 AM »

Quote from: RocketMan on June 01, 2011, 07:29:23 AM

Interesting bank, RKL. What are the interest rates like?

No worse than any others these days.

Seriously, you might as well keep your money at home rather than in a "savings account" considering the interest they pay.

I keep my day to day money in BOA and my long term savings (no plans to spend) in a 1yr CD with Ally. Given the current interest rates, I'm seriously thinking about removing all but the minimum needed to avoid service fees and keeping my BOA cash in my gun safe. If nothing else, I'll have that money if banks start failing.

Back on the topic of banks, I've been happy with BOA except that they don't have enough ATMs and the ones in Manassas are always busy (ie lines 2-5 people long). I have learned I can "withdraw" enough cash for a normal day by going to the grocery store, buying a 25cent pack of gum, then selecting "get cash back" when running my card. There are no service fees associated with that unlike pulling money out via a 3rd party ATM.

I have a regular savings account and "free checking" account. I don't have any other accounts with BOA and I've never been charged a fee by them. I do have direct deposit, which appears to be a requirement for most "free checking" accounts. I really like their ATMs (other than the lines) because you can do check and cash deposits without envelops or deposit slips. Very convenient.

Chris

Chuck Dye · « **Reply #15 on:** June 01, 2011, 09:22:37 AM »

I, too, recommend USAA Federal Savings Bank or a credit union. USAA does present a few issues, though. With only one building, in San Antonio, most do everything by mail or electronically. If you can live with the snail mail deposit times, they are great.

Fitz · « **Reply #16 on:** June 01, 2011, 09:28:37 AM »

Quote from: Chuck Dye on June 01, 2011, 09:22:37 AM

I, too, recommend USAA Federal Savings Bank or a credit union. USAA does present a few issues, though. With only one building, in San Antonio, most do everything by mail or electronically. If you can live with the snail mail deposit times, they are great.

I have been using their Deposit@Home service for a while and it's great. I use it on the mobile phone as well as on my computer.

charby · « **Reply #17 on:** June 01, 2011, 09:30:11 AM »

Local Credit Unions, smaller the better.

brimic · « **Reply #18 on:** June 01, 2011, 09:51:15 AM »

Quote

Local Credit Unions, smaller the better.

Yes.

The smaller they are, the less likely they will try something stupid like 'investing' in subprime mortgage derivities.

MechAg94 · « **Reply #19 on:** June 01, 2011, 10:08:21 AM »

I am not full time checking with Texas Dow Employee Credit Union. Great service dealing with them so far. The checking account is interest bearing though that isn't very much. I haven't tried to get a loan with them. I may need to talk to them about a car loan.

I finally closed out my old checking account with BofA yesterday. The lady there didn't want to take my CHL as a 2nd ID. She took the credit card though.

GigaBuist · « **Reply #20 on:** June 01, 2011, 05:38:42 PM »

I went with a local credit union after seeing that they offered 4% interest on their checking accounts. It comes with some gotcha though:

- Direct deposit required
- Enroll in electronic statements
- Login to their online banking 4 times a month
- Use your debit card 10 times a month

Logging in to their online app 4 times a month I really don't understand, but since I'm on mint.com it does that automatically for me every day.

When it comes to the debit card purchases I try and use that when I make $5-$15 purchases, like at a gas station. Everything else goes on a Chase Freedom card that gives me pretty good cash-back rewards.

Between the interest on checking and the cash back rewards I probably "make" around $1000-$1200/year on it all. I'm pretty happy with that.

CNYCacher · « **Reply #21 on:** June 01, 2011, 06:05:17 PM »

Quote from: GigaBuist on June 01, 2011, 05:38:42 PM

I went with a local credit union after seeing that they offered 4% interest on their checking accounts. It comes with some gotcha though:

- Direct deposit required
- Enroll in electronic statements
- Login to their online banking 4 times a month
- Use your debit card 10 times a month

Logging in to their online app 4 times a month I really don't understand, but since I'm on mint.com it does that automatically for me every day.

When it comes to the debit card purchases I try and use that when I make $5-$15 purchases, like at a gas station. Everything else goes on a Chase Freedom card that gives me pretty good cash-back rewards.

Between the interest on checking and the cash back rewards I probably "make" around $1000-$1200/year on it all. I'm pretty happy with that.

I'll have to give that mint.com another look.

AZRedhawk44 · « **Reply #22 on:** June 01, 2011, 06:18:12 PM »

Credit Union for the win.

I've done two auto loans through mine. Don't have my home loan through them since I got a better rate quote elsewhere. But, I pay no fees and the online services are very good.

Scout26 · « **Reply #23 on:** June 01, 2011, 11:19:18 PM »

Quote from: Fly320s on May 30, 2011, 08:43:01 PM

I use USAA. If you qualify, I highly recommend them.

A good credit union is a solid second choice.

Another vote for USAA, if you can join. If not, then yeah, a credit union.

In addition to Deposit@Home, you can also deposit checks at any UPS Store.

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Author Topic: Where to bank? (Read 6207 times)